FEDERALhearing transcript

Senate Hearing on the CFPB Semiannual Report (March 2019)

Original title: THE CONSUMER FINANCIAL PROTECTION BUREAU'S SEMIANNUAL REPORT TO CONGRESS

January 1, 2019

consumer protection financial regulation payday lending banking congressional oversight

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The Frame

What this does

The hearing provides oversight of the Consumer Financial Protection Bureau's regulatory agenda, specifically regarding the potential removal of mandatory underwriting standards for payday loans, which affects how lenders assess borrower eligibility.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Payday lenders

The proposed rescission of mandatory underwriting provisions would change the regulatory requirements for how these lenders assess borrower eligibility.

Consumers of financial products

Changes to CFPB regulations impact the availability and terms of financial products and services offered in the marketplace.

What changed

Last recorded activity January 1, 2019.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a U.S. Senate Banking Committee hearing held on March 12, 2019, where CFPB Director Kathy Kraninger presented the agency's Fall 2018 . The hearing focused on the agency's regulatory activities, including a proposal to rescind specific underwriting requirements for payday lenders.

Key Facts

The CFPB released its Fall 2018 semiannual report covering activities from April 2018 to September 2018.
On February 6, 2019, the CFPB proposed rescinding the mandatory underwriting provisions of its payday lending rule.
The CFPB proposed delaying the compliance date for the payday lending rule's underwriting provisions.
The CFPB cited insufficient evidence and legal support as the basis for revisiting the payday lending underwriting provisions.
The hearing was held on March 12, 2019, in the Dirksen Senate Office Building.
The report includes responses to written questions from 11 different U.S. Senators.
Additional materials were submitted for the record by the Association of Credit and Collection Professionals, the Credit Union National Association, and the Consumer Banker's Association.

Frequently Asked Questions

What is the purpose of the CFPB semiannual report?

The report outlines the agency's recent work, including rulemakings and , and provides insight into future planned actions.

What change was proposed regarding payday lending?

The CFPB proposed to rescind the of its payday lending rule and delay the compliance date for those provisions.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Payday Lending Rule Reversal

The CFPB explicitly moved to rescind underwriting requirements for payday loans, citing a lack of evidence for the original rule.

Consumer Financial Protection Bureau

Connected Entities

organizationConsumer Financial Protection Bureau“Federal agency responsible for consumer protection in the financial sector”Map →

organizationSenate Committee on Banking, Housing, and Urban Affairs“Congressional committee overseeing the CFPB”Map →

personMike Crapo“Chairman of the Senate Committee on Banking, Housing, and Urban Affairs”Map →

personKathy Kraninger“Director of the Consumer Financial Protection Bureau (CFPB)”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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